Roman Catholic Church finally purchases MyBucks Bank

Centenary Group, the holding company of Centenary Bank, Uganda’s second largest bank, together with the Catholic Archdiocese of Lilongwe, have finally acquired 100% stakes in MyBucks Banking Corporation of Malawi.

Centenary Bank, owned by the Catholic Church, is the only indigenous financial institution among top tier banks in Uganda, coming second to Stanbic Bank of South Africa’s Standard Group.

A joint statement issued on Wednesday, 28th December 2022,signed by MyBucks Board of Directors, Centenary Bank and Archdiocese of Lilongwe says the takeover has been completed following the granting of approval by Registrar of Financial Services in the country.

At the end of 2021, Centenary bank’s assets were worth USD 1.4 billion( about 1.1 trillion kwacha) and the bank recorded profit of a 31% increase from the previous year.

Lilongwe Archidioce of the Catholic Church which is a minority shareholder own several assets worth over 30 billion kwacha.

Source:ZBS